New York Markets After Hours

Mexico's March remittances up 1.4% on year

AnthonyHarrup

MEXICO CITY (MarketWatch) -- Mexicans working abroad sent home $2.08 billion in March, an increase of 1.4% from the same month of 2011, the Bank of Mexico said Wednesday.

The March remittances, made up of 6.2 million transfers at an average of $336 per transfer, brought remittances for the first quarter to $5.37 billion, a 5.3% increase from the first three months of 2011. The increase marked a slowdown from February's 8.5% rise.

Remittances are a major source of dollar inflows into Mexico, bringing in less than oil but more than foreign tourism, and contributing to the country's relatively narrow current account deficits. Remittances were a record $26 billion in 2007.

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